HomeMy WebLinkAboutResolutionCity of Miami
Resolution
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 3968
TO BE WITHDRAWN
Final Action Date: 7/12/2018
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DIRECTING
THE CITY ATTORNEY TO PREPARE AN AMENDMENT TO THE CHARTER OF THE CITY
OF MIAMI, FLORIDA, AS AMENDED ("CHARTER"), FOR CONSIDERATION AT THE
REFERENDUM SPECIAL ELECTION SCHEDULED FOR AUGUST 28, 2018, PROPOSING,
UPON APPROVAL OF THE ELECTORATE, TO AMEND SECTION 29-B OF THE CHARTER,
ENTITLED "CITY -OWNED PROPERTY SALE OR LEASE - GENERALLY," TO AUTHORIZE
THE CITY COMMISSION, BY A FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, TO WAIVE
COMPETITIVE BIDDING AND APPROVE AN AMENDED AND RESTATED LEASE WITH
HYATT EQUITIES, LLC, TO EXTEND THE CURRENT LEASE TERM TO A TOTAL OF
NINETY-NINE (99) YEARS, TO EXPAND THE LEASED PREMISES TO INCLUDE THE LAND
UPON WHICH THE CONVENTION CENTER IS LOCATED AND AMENDING THE PARKING
AGREEMENT, WITH AN ANNUAL BASE RENT PAYABLE TO THE CITY OF MIAMI ("CITY")
OF AT LEAST TWO MILLION DOLLARS ($2,000,000.00), PLUS ADDITIONAL PROFIT
PARTICIPATION RENT FOR OTHER USES, WITH RESTRICTIONS, REVERSIONS, AND
RETENTION BY THE CITY OF ALL OTHER RIGHTS, TO BE REDEVELOPED PURSUANT
TO A COMPREHENSIVE REDEVELOPMENT MASTER PLAN, INCORPORATING THE
JAMES L. KNIGHT CONVENTION CENTER LAND, REQUIRING CITY COMMISSION
APPROVAL.
WHEREAS, the City of Miami ("City") is the owner of the James L. Knight Convention
Center, located at 400 Southeast 2nd Avenue, Miami, Florida ("Convention Center"); and
WHEREAS, the City is also the owner and landlord of the land upon which the hotel
structure known as the Hyatt Regency Miami ("Hotel") is located and leased by Hyatt Equities,
LLC ("Hyatt"); and
WHEREAS, per the Lease Agreement originally dated September 13, 1979, as
supplemented and amended ("Lease"), Hyatt currently leases the Hotel; and
WHEREAS, the City and Hyatt desire to enter into an amended and restated lease
("New Lease"), which will extend the lease term to a total of ninety-nine (99) years, expand the
leased premises to include the land upon which the Convention Center is located, amend the
parking agreement, and require Hyatt to redevelop the site according to the terms specified in
the attached non -binding Memorandum of Understanding ("MOU"); and
WHEREAS, pursuant to Resolution No. 17-0261, adopted on May 25, 2017, the City
Commission approved a Reconciliation Agreement to settle the existing claims and
controversies with Hyatt, as further specified therein; and
WHEREAS, the City Commission has determined that the New Lease, as preliminarily
contemplated by the MOU, will be in the City's best interest;
City of Miami Page 1 of 2 File ID: 3968 (Revision:) Printed On: 2/11/2025
File ID: 3968 Enactment Number:
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section
Section 2. The City Attorney is directed to prepare an amendment to the Charter of the
City of Miami, Florida ("Charter") for consideration at the Referendum Special Election to be
held on August 28, 2018, proposing, upon approval of the electorate, to amend Section 29-B of
the Charter entitled, "City -owned property sale of lease -generally," to authorize the City
Commission by a four -fifths (4/5ths) affirmative vote, to waive competitive bidding and to
execute an amended and restated lease with Hyatt, to extend the current lease term to a total of
ninety-nine (99) years, and to incorporate the James L. Knight Convention Center land,
providing a comprehensive redevelopment master plan requiring City Commission approval,
with an annual base rent to the City of at least two million dollars ($2,000,000.00), plus profit
participation rent for other uses, with restrictions, reversions, and retention by the City of all
other rights.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.
APPROVED AS TO FORM AND CORRECTNESS:
ndez, ity Attor
ey 4/30/2018
1 The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions
City of Miami Page 2 of 2 File ID: 3968 (Revision:) Printed on: 2/11/2025